Ripple’s Price Soared & Dropped Amid Coinbase-Related Rumors

On Monday, March 5, the third most popular, according to
Coinmarketcap.com,
crypto-coin Ripple experienced both a leap and a drop as rumors concerning Coinbase adding this currency stirred up.

Ripple Soaring to $1.08

For the first time in a past few weeks, since the mid-February, Ripple’s price surpassed the margin of $1 at around 10 AM UTC on March 5. The same day traders started spreading speculation concerning the fact that the famous California-based crypto burse Coinbase was going to add XRP to its platform.

Within the past 24 hours, XRP soared by 9%, whereas in the frames of the day it gained 3% in value.

Ripple is the third largest cyber currency by a total market cap, which makes up to $1.1 million, a few hundred thousand more than Ether.

On March 5 Ripple’s price managed to stay above $1.05 for nearly twelve hours before it dropped to $0.96 by the end of the day.

Coinbase’s Disclosure

Despite the growing rumors, the exchange Coinbase dispelled them by a single
tweet,
saying that it had not made a decision to append any extra crypto-coin. By the way, this statement concerned both Coinbase and GDAX platforms.

Our January 4th, 2018 statement continues to stand: we have made no decision to add additional assets to either GDAX or Coinbase.

At the same time, the crypto trading venue stated that any other information spread had not been confirmed by it. Therefore, such statements can be considered false.

This exchange, by the way, is very popular among both private and institutional investors. Currently, Coinbase platform supports such cyber assets as BTC, BCH, ETH, and LTC. Therefore, if it was decided to add XRP to it, the inflow of new users would increase significantly.

Driven by a desire to earn gains, those users, who believed in rumors and were afraid of losing an opportunity, piled into Ripple as soon as possible. So no wonder the price of this coin jumped up in a few hours.

What About Ripple?

According to
CNBC,
a Ripple representative claimed, in his turn, that the firm does not reply to any speculation or rumors.

In spite of the fact that Ripple’s price surged up, even though slightly, it is still traded at over 70% off its unprecedented high of $3.84, which it reached at the beginning of the current year.

However, it is not the first time when speculation over Coinbase’s supposed decision to add an XRP to its platform, has driven its price. Before this, it happened last year December.